Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the Department for Transport:
To ask the Secretary of State for Transport, pursuant to the Answer of 19 January 2026 to Question 105895, what the assumed payback period is for the major technology investments cited for Network Rail in delivering efficiency savings; and in which financial year cumulative efficiency savings are expected to exceed cumulative investment costs.
Answered by Simon Lightwood - Parliamentary Under-Secretary (Department for Transport)
Network Rail undertake numerous technology-related investments, including those cited as examples in the previous response on 19 January. The payback period for technology-related investments will vary in range and this will depend on the scope and business case associated with the type of technology investment. Interdependencies between the projects and payback is not limited to Network Rail or purely financial benefits.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the risks to consumers and financial stability of the current regulatory approaches to AI in financial services.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in FS and AI to drive growth, productivity, and deliver consumer benefits.
The Government has been clear that we will strike the right balance between managing the risks posed by AI and unlocking its huge potential. The UK financial regulators take an outcomes-based approach to regulating AI within the financial sector, drawing on existing frameworks to ensure that firms uphold strong consumer, stability and market standards, whether they use AI or not. Our current assessment, shared by the regulators, is that this framework is capable of ensuring the effective regulation of the use of AI. However, we will continue working closely with the regulators as the technology evolves to monitor risks and ensure that AI adoption continues in a safe and responsible way.
The Government is carefully considering the Treasury Committee’s report on AI in financial services and will respond in due course.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to support and retain high-growth UK technology firms seeking to list on the London stock exchange.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government has delivered an ambitious programme of reforms to make it easier for all firms, including fintechs, to list and raise capital on UK markets. This includes overhauling the Prospectus Regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets.
At her Mansion House speech last year, the Chancellor also announced the formation of a Listings Taskforce, to support businesses to list and grow in the UK, and the Financial Services Growth and Competitiveness Strategy, which sets out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. Officials and ministers regularly engage with industry leaders on sector developments.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to facilitate collaboration between UK financial regulators and international regulatory authorities to maintain the City of London's competitiveness in fintech innovation.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government is committed to making the UK the best place for fintechs, to start, scale and list. The Financial Services Growth and Competitiveness Strategy, published in July 2025, sets out our mission to shape a regulatory environment for financial services that is proportionate, predictable and internationally competitive, embracing innovation and leveraging the UK’s leadership in Fintech.
We are delivering this through strengthened partnerships with international financial centres around the world, supported by ongoing regulatory dialogues with many of our international partners such as the EU, US, China, India and the Gulf. We also continue to promote cooperation between UK financial regulators and their counterparts overseas. For instance, the UK has established the UK-US Transatlantic Taskforce for Markets of the Future, which is exploring opportunities for deeper collaboration in financial services, with a particular focus on digital assets and capital markets.
In addition, the Office for Investment: Financial Services, launched last October, will guide and support international investors looking to establish or grow a presence in the UK’s financial services sector, with a focus on fintech and the other priority growth areas
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of consolidation trends in the fintech sector; and what steps they will take to support UK-based fintech firms in maintaining global competitiveness.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy (“the Strategy”), the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start-up, scale and list.
The UK has a long history as a powerhouse of financial services innovation. The Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in fintech. The sector attracted $3.6 billion of investment in 2025 - second only to the US.
Asked by: Gareth Snell (Labour (Co-op) - Stoke-on-Trent Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to support investment into the UK's economic security.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Modern Industrial Strategy committed to strengthen our economic security through several steps, including through our uplift in defence spending, and strategic investments in critical sectors. The government is prioritising economic security and resilience through our public finance offer, with Public Financial Institutions and interventions working together to direct more investment at strategic sectors and supply chains. This includes the British Business Bank’s £4billion additional capital for Industrial Strategy sectors that will be the future cornerstone of the UK’s supply chains and security, and committing up to £330million to the expansion of the National Security Strategic Investment Fund, which invests into advanced dual-use technology companies to support the National Security and Defence community and start-ups across the country.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the ranking by Innovate Finance of the UK as second globally for fintech investment in 2025; and what impact that ranking has on their strategy to support fintech growth and international competitiveness.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The UK is a world leader in Fintech, and attracted $3.6 billion of investment in 2025, second only to the US. The Government is committed to making the UK the world’s most technologically advanced global financial centre and remaining a leading jurisdiction for Fintech firms to start-up, scale and list.
The Government’s Financial Services Growth and Competitiveness Strategy set out a comprehensive package of reforms to preserve the UK’s leadership in this area, including streamlining the regulatory environment and initiatives to support UK Fintechs to scale up.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the recently-reported level of UK fintech investment of £2.6 billion in 2025; and how this informs their approach to fintech regulatory and market policy.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The UK is a world leader in Fintech, and attracted $3.6 billion of investment in 2025, second only to the US. The Government is committed to making the UK the world’s most technologically advanced global financial centre and remaining a leading jurisdiction for Fintech firms to start-up, scale and list.
The Government’s Financial Services Growth and Competitiveness Strategy set out a comprehensive package of reforms to preserve the UK’s leadership in this area, including streamlining the regulatory environment and initiatives to support UK Fintechs to scale up.
Asked by: Neil O'Brien (Conservative - Harborough, Oadby and Wigston)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, with reference to table 1 of Annex A of the Annual Report and Accounts 2024-25, if he will publish a breakdown of the spending of Capital Departmental Expenditure Limit (CDEL) spending on Science and Research, excluding CDEL on Science and Research (ALB), net in that financial year.
Answered by Ian Murray - Minister of State (Department for Science, Innovation and Technology)
Please find below a breakdown of the Science and Research line outturn for FY 2024-25 per table 1 in Annex A of the DSIT Annual Report and Accounts 2024-25:
British Academy | £60.228m |
Research Base | £113.700m |
Royal Academy of Engineering | £41.971m |
Royal Society | £111.429m |
Space Directorate | £30.841m |
UK Space Agency | £607.077m |
Research Capital Investment Fund | £37.949m |
Horizon and Copernicus Association | £1,043.123m |
Office for Quantum | £1.197m |
Total | £2,047.515m |
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the report by UK Finance Generative AI in Action: Opportunities & Risk Management in Financial Services, published in January 2025, in regard to the financial services sector's ability to harness generative AI; and how this informs their workforce and regulatory priorities for the sector in 2026.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As part of the government’s Financial Services Growth and Competitiveness Strategy, the government is in the process of appointing Financial Services AI Champions to act as a catalyst for AI adoption and innovation in the sector. The government has also commissioned the Financial Services Skills Commission to produce a UK-wide report on how the skills system can drive growth and productivity in the financial services sector, by supporting adoption and innovation of disruptive technologies.
The government welcomes the work of industry bodies including UK Finance, and firms across the sector given their central role in supporting the ongoing transition to harness and adopt AI technologies, including generative AI.
The government also welcomes the technology positive approach of the FCA and the Bank of England to regulation, including through launching the AI Consortium and the FCA commitment to avoid additional requirements on firms when using AI, as outlined in Nikhil Rathi’s letter to the Prime Minister last year.
The government will continue to work closely with industry and consider research such as the report produced by UK Finance to inform our approach.